李书福是保守，还是行险棋？

Core Viewpoint - Geely is restructuring its internal research and development (R&D) and organizational framework to enhance efficiency, with a significant focus on smart driving technology [2][17]. Group 1: Integration of Smart Driving Teams - Geely is integrating multiple smart driving teams, including the Zeekr smart driving team (approximately 1,300 people), Geely Research Institute's smart driving center (approximately 1,000 people), and the smart driving team from smart (approximately 100 people) into a newly established company called Qianli Smart Driving [4]. - Qianli Smart Driving was founded in June this year and is jointly owned by several entities, including Megvii's autonomous driving company and Geely's Zhejiang Jirun Automotive Co., Ltd. [4]. - The integration aims to consolidate resources and reduce costs, but it also presents challenges in technical capability integration and collaboration [2][4]. Group 2: Strategic Intent and Challenges - The move to integrate smart driving R&D teams indicates Geely's intention to divest from high-cost projects and shift towards a model resembling a supplier relationship with Qianli Smart Driving [8]. - Geely's investment in Qianli Smart Driving is characterized as an industrial investment, suggesting a strategic pivot away from self-research in smart driving technology [8]. - The integration is part of a broader strategy initiated by the "Taizhou Declaration," which has already seen multiple smart driving integration actions this year [10]. Group 3: Financial Implications and Performance - Zeekr's R&D expenses approached 10 billion yuan (approximately 1.4 billion USD) in one year, but the high debt ratio has made it difficult to sustain such investments, with a net loss of 893 million USD in 2024 [11]. - The Geely Research Institute has faced criticism for inefficiency, with a large team failing to deliver timely smart driving features for new models [11]. Group 4: Future Outlook - The integration aims to create a more cohesive team under the leadership of experienced figures like Wang Jun, who will serve as CEO, and Chen Qi as co-CEO [5][13]. - The success of this integration will depend on whether the combined capabilities of the teams can exceed their individual contributions, particularly in delivering advanced smart driving solutions [13]. - Geely's approach may enhance cost efficiency and resource aggregation, but it raises concerns about the long-term control over technology and innovation capabilities [17][18].